Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/111348 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
Discussion Papers No. 179
Verlag: 
Georg-August-Universität Göttingen, Courant Research Centre - Poverty, Equity and Growth (CRC-PEG), Göttingen
Zusammenfassung: 
Credit rating agencies are frequently criticized for producing biased sovereign ratings. This article discusses how the home country of rating agencies could affect rating decisions as a result of political economy influences and cultural distance. Using data from nine agencies based in six countries, we test whether agencies assign better ratings to their home countries, as well as to countries economically, geopolitically and culturally aligned with them. Our results show biases in favor of the respective home country, culturally more similar countries, and countries in which home-country banks have a larger risk exposure. Linguistic similarity seems to be the main transmission channel that explains the advantage of the home country.
Schlagwörter: 
sovereign debt ratings
credit rating agencies
home bias
international finance
cultural distance
bank exposure
JEL: 
G24
F34
H63
F65
G15
Dokumentart: 
Working Paper

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